The Pros & Cons Of Owning A Timeshare

Contracts can be constricting An unpredictable real estate market may lead to another problem: if you do purchase a place that loses its appeal one or two years later, you may be stuck with it. Contracts are known to lock you up for several years, which can cost you dearly, especially if no one in the exchange program is interested in your place.

Limited in vacation schedule possibility I'm sure it's becoming evident that networking is key in timesharing, but it can catch up to you; another con appears when owners of floating timeshares have to battle it out over who gets the unit at a given time in the year. Usually, the majority of vacationers want the space at the same time, and compromises are hard to come by.

Your money is tied up The whole concept of timesharing is based on prepayment of your vacation. For some, this is convenient, but for others, it is a pain to reserve substantial amounts of money for pleasures you will only experience later. Timesharing is a big commitment financially and this is not a strong selling point.

With all these warnings in mind, a consumer that still buys into the system must know how to properly handle his money in timesharing. There are signs to look for in order to get the most out of your money when buying, or selling, your timeshare.

how to buy timeshares

First, one must decide why buying a timeshare is right for them: if you're not sold on the idea of going on the same vacation each year, or profiting from the sale of the unit, perhaps timeshares aren't right for you.

That said, you can peruse the various locations and deals from a developer, management company or travel agent, as well as from the owners themselves and on the Internet. It is a good sign if the provider offers a grace period in which you can cancel without charge and he guarantees the financial stability of the unit.

Always check if the condominium belongs to an Owner's Club or Association — if not, you may be dealing in risky business. You do not want to get ripped off, so contact the Better Business Bureau if you ever have any doubts.

Be warned, however; though companies like Hyatt and Disney have taken advantage of the influx of interest in timesharing by involving their real estate in it, the industry still remains a little suspect. For instance, consumers have been known to buy shares only to discover that their property is in bad shape, or, in the worst cases, does not exist at all.Note: Never pay an upfront deposit without having first identified and approved the unit.

how to sell a timeshare

If you own a popular timeshare in a unit that is in prime shape and belongs to an Owner's Club, chances are you can sell easily.

Refer to the same organization(s) you bought from to find out its market value and attain the help of a professional reseller first. These workers are savvy about the industry, and if they belong to the Timeshare Consumers Association, they will surely give you an offer you may not want to refuse.

If that isn't satisfactory, advertise on the Internet and, as is commonly done, consult friends, co-workers and family to see if they are interested. When all else fails, you may want to sell it back to the management company, though you may acquire a financial loss.

the results are in... or are they?

Weighing the benefits and shortfalls of timesharing should give you a good idea of what to expect. There are obvious risks one must take, but then again, the returns may all be worth it if you have patience.

Some avid vacationers are attracted to timesharing because of the security and freedom it provides, while others stay away because they find it too constricting and expensive. Given your situation and the details provided, it's up to you to decide if timesharing is right for you.